Nationwide raises dollar savings account rate

16 November 2005
Nationwide International has announced it is to increase interest rates on its US Dollar Savings accounts in line with the US Federal Reserve Funds rate.

Nationwide International Limited, the offshore subsidiary of Nationwide Building Society, has said it will raise interest rates by 0.25 per cent following the announcement of a rate rise.

Managing director of Nationwide International, Carl Gandy, said: "Over the past twelve months the US Dollar Account has consistently provided a market leading rate.

"During this time balances have more than doubled and we are delighted that more and more customers are taking advantage of such a competitive return on their savings."

Customers can now enjoy new rates on their dollar accounts as a result of the rate rise, ranging from 3.55 per cent to 4.15 per cent.

All customers with a balance of $100,000 or more will enjoy the top rate of 4.15 per cent.

The minimum opening balance on the savings account is $1,000 and a deferred interest option is available to give customers extra flexibility.

Customers also have instant, penalty-free access to their money and can make transfers online or by telephone and fax.

Deposits can be made by CHAPS and SWIFT or by cheque.

A recent survey revealed thousands of Britons living and working abroad now have offshore accounts, which were formerly available only to the extremely wealthy.

To read more about Offshore Banking, click here.

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